TD Ameritrade's Investor Movement Index: IMX Hits Highest Level since June 2011 and Second Highest Reading in Almost Four Years

Investors increase equity market exposure as market volatility remains low

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TD Ameritrade's Investor Movement Index: IMX Hits Highest Level since June 2011 and Second Highest Reading in Almost Four Years

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TD Ameritrade's Investor Movement Index (IMX) (Graphic: TD Ameritrade) Multimedia Gallery URL


TD Ameritrade, Inc. (“TD Ameritrade”), a broker-dealer subsidiary of TD Ameritrade Holding Corporation (AMTD), is today revealing the Investor Movement IndexSM reading for November 2013. The Investor Movement Index, or the IMXSM, is a proprietary, behavior-based index created by TD Ameritrade that aggregates Main Street investor positions and activity to measure what investors are actually doing and how they are positioned in the markets.

The November 2013 Investor Movement Index for the five weeks ending November 29, 2013, reveals:

  • Reading: 5.42 (compared to 5.07 in October)
  • Trend direction: Positive
  • Trend length: 2 months
  • Score relative to historic ranges: High

November’s IMX reading registered at the highest point since June 2011 and the second highest level since TD Ameritrade started tracking the IMX in January 2010. This reading follows the positive turn the IMX had taken in October after a dip in September. TD Ameritrade clients’ equity market exposure increased in part due to net buying activity. Recently broad market volatility has been low, but specific names clients chose to hold provided more volatility than the general market, which increased their exposure to equity market movements. Some widely held names included General Electric (GE), Apple (AAPL), Facebook (FB), Cisco (CSCO), and Microsoft (MSFT). Twitter (TWTR) was also a popular buy as clients began to build positions following the company’s initial public offering.

“Our clients are always looking for potential buying opportunities and we have consistently seen our clients purchase names on price dips,” said Nicole Sherrod, managing director of TD Ameritrade’s Trader Group. “For example, Tesla (TSLA), Salesforce (CRM), and Cisco (CSCO) were volatile in November and TD Ameritrade clients appear to have treated the price declines as buying opportunities.”

The IMX value is calculated based on a complex proprietary formula. Each month, TD Ameritrade pulls a sample from its client base of 6 million funded accounts that includes all accounts that completed a trade in the past two months. The holdings and positions of this statistically significant sample are evaluated to calculate individual scores, and the median of those scores represents the monthly IMX.

For more information on the Investor Movement Index, including historical IMX data going back to December 2010, to view the full report from November 2013, or to sign up for future IMX news alerts, please visit Additionally, TD Ameritrade clients can chart the IMX using the symbol $IMX in either the thinkorswim or TD Ameritrade Mobile Trader platforms.

Inclusion of specific security names in this commentary does not constitute a recommendation from TD Ameritrade to buy, sell, or hold.

Past performance of a security, strategy or index is no guarantee of future results or investment success.

Historical data should not be used alone when making investment decisions. Please consult other sources of information and consider your individual financial position and goals before making an independent investment decision.

The IMX is not a tradable index. The IMX should not be used as an indicator or predictor of future client trading volume or financial performance for TD Ameritrade.

For the latest TD Ameritrade news and information, follow the Company on Twitter, @TDAmeritradePR.


About TD Ameritrade Holding Corporation
Millions of investors and independent registered investment advisors (RIAs) have turned to TD Ameritrade’s (AMTD) technology, people and education to help make investing and trading easier to understand and do. Online or over the phone. In a branch or with an independent RIA. First-timer or sophisticated trader. Our clients want to take control, and we help them decide how — bringing Wall Street to Main Street for more than 37 years. An official sponsor of the 2014 and 2016 U.S. Olympic and Paralympic Teams, TD Ameritrade has time and again been recognized as a leader in investment services. Please visit TD Ameritrade’s newsroom or for more information.

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TD Ameritrade Holding Corporation
For Media:
Beth Evegan, 201-369-5930
Communications & Public Affairs
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Jeff Goeser, 402-597-8464
Investor Relations & Finance


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